Cazaly sells iron tenement for $1.5m

Cazaly Resources Ltd has sold an iron ore tenement in the Hamersley Ranges in Western Australia to Flinders Mines Ltd for $1.5 million in cash and scrip.

The signed agreement will see Flinders acquire a 44 square kilometre exploration block for $750,000 cash and the issue of $750,000 worth of Flinders shares to Cazaly.

Flinders' new holding is located some 15km from its other wholly-owned iron tenement where the company has already estimated an iron ore tonnage target of between 333 to 380 million tonnes at 56 per cent iron.